Bitcoin, crypto shares climb after Trump pushes Clarity Act

Cryptocurrency-linked stocks experienced a significant increase on Thursday, following the U.S. Treasury Department's decision to double buyback sizes for long-duration debt and President Donald Trump's plea for Congress to approve the Clarity Act. This legislation aims to establish clear rules for digital assets. The Treasury's move came after a substantial bond selloff pushed the 30-year Treasury yield to its highest level since 2007.

Higher yields typically negatively impact risk assets like cryptocurrencies, as they raise the returns on safer investments. However, the Treasury's intervention provided a brief positive signal for crypto assets. Analysts attributed the rally to a wave of short-covering following weeks of narrow trading. Bitcoin rose 3.48% to $71,505, marking its first crossing of the $70,000 mark since June.

The cryptocurrency's value has declined by approximately 18% this year, and it remains down by around 43% from its October record high.